Closure of Bank account and Transfer Balance to Spouse

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....losure of Bank account and Transfer Balance to Spouse<br> Query (Issue) Started By: - NISHANT SHAH Dated:- 28-5-2021 Last Reply Date:- 30-5-2021 Income Tax<br>Got 2 Replies<br>Income Tax<br>Dear Exper....

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....t, Wife want to close her bank account and want to transfer balance lying in her account 20 Lac to her husband bank account. How can we show this transfer (Gift/Loan) so that no income tax can be att....

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....racted to recipient?? Please answer with justification. Reply By Sampath Kota: The Reply: Gift from relative is full exempt. Spouse being a relative,there will not be any issue. Reply By KASTURI ....

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....SETHI: The Reply: Sh.Sampath Kota Ji, Will you please quote relevant Section of the Income Tax Act ? Thanks a lot.<br> Discussion Forum - Knowledge Sharing ....